You are currently viewing Latest research on how to grow your firm
businessman looking at scheme profit

Latest research on how to grow your firm

Republished with permission by RDT Content Marketing LLC

The latest Legal Trends Report surveyed more than 2500 lawyers and 2000 consumers to help identify why some firms succeed in increasing revenue and others don’t. While firms should focus on several key areas, here are a few that relate to marketing and business development.

1. Clients are putting less weight on referrals. While 59% of clients asked someone for a referral, 57% searched on their own; and 16% did both. However, Gen Z and Millennials gave less weight to referrals as compared to Gen X and Boomers.

Takeaway: If you haven’t already, it’s time to boost your online marketing particularly if you want to attract Millennials and Gen Z clients.

2. Clients are shopping around and rejecting firms based on first impressions. Regardless of how clients looked for a lawyer, 57% said they contacted more than one law firm. Many clients reported rejecting firms based on the initial poor responsiveness of the law firm.

Takeaway: Consider sales and customer service training for all lawyers and staff who communicate with clients. First impressions are crucial.

3. Lack of confidence in running the business is a problem. Only 53% of lawyers are confident in running the business side of their practice. Those who aren’t, spend less time on marketing.

Takeaway. If you’re not confident in your business skills, get appropriate education and training and consult outside experts for help.

For more results and takeaways from the Legal Trends Report, read How to Grow Your Firm: Lessons from the Legal Trends Report.

If you need assistance with your marketing, contact us.

Leave a Reply